تحلیل اختیاری محصول
با اجازه شما، از تحلیلهای محدود و حریمخصوصیمحور استفاده میکنیم تا مسیرهای پژوهشی مؤثر را بشناسیم. از ردیاب تبلیغاتی یا بازپخش نشست استفاده نمیکنیم. این انتخاب را میتوانید در تنظیمات تغییر دهید. بخوانید سیاست حفظ حریم خصوصی.
Accelerated commercialization and menu expansion on the integrated Stilla Technologies droplet digital PCR platforms, driving market share gains in oncology and translational research.
Extended biopharma and academic lab spending freeze causing Life Science instrument sales contraction to persist in high teens.
Bio-Rad Laboratories carries a Sell rating as its share price of $362.43 as of October 14, 2026 trades at a 119.89% premium to its intrinsic fair value of $164.82, disconnected from sluggish Life Science demand and modest margin normalization.
The market prices Bio-Rad at 41.32x NTM forward earnings, a drastic valuation divergence relative to mature medical equipment and diagnostic peers whose median forward multiple is 15.2x (Zimmer Biomet at 10.1x, GE HealthCare at 12.7x, and STERIS at 17.7x). This multiple premium is unearned given current operating fundamentals.3
Operationally, the company faces persistent headwinds in its Life Science segment, where instrument sales declined in the high teens due to biopharma research austerity and cautious academic spending. Management's FY2026 guidance reflects this stagnation, anticipating currency-neutral between -3% and +0.5% and Life Science segment growth between -3% and -1%. While Clinical Diagnostics ($1,562.1 million in FY2025, or 60.5% of sales) provides resilient, high-switching-cost recurring , order timing and regional tender dynamics limit near-term organic growth.
Furthermore, Bio-Rad's margin recovery path is gradual. After GAAP operating margin troughing at 1.83% in FY2025 ($47.2 million operating income on $2,583.2 million revenue), FY2026 non-GAAP operating margin is guided to 10%-12%, expanding by only 40-50 basis points in FY2027. Even after modeling operating margins reaching 14.5% by FY2030, our comprehensive intrinsic valuation models—weighted across Forward Earnings ($169.90), Multi-Stage Moat Fade ($177.17), Discounted Earnings ($158.47), and Free Cash Flow to Firm ($139.15)—cannot support the current stock price. Investors should sell or liquidate positions.46
Clinical Diagnostics generated $1,562.1M in FY2025 revenue (60.5% of total sales). Hospital and reference laboratories face high switching costs due to validated assay protocols and regulatory integration with clinical informatics systems.7
Acquisition of Stilla Technologies accelerated digital PCR development and enabled migration of catalog assays onto continuous multiplexing platforms ahead of schedule, creating proprietary intellectual property in genomics research.4
A robust recovery characterized by rebounding venture capital investment into early-stage biotech, expanded NIH academic research funding, and accelerating replacement demand for analytical instrumentation.
Bio-Rad is a high-quality narrow-moat diagnostics business severely impaired by excessive market valuation. At 41.32x forward earnings and more than double its intrinsic fair value of $164.82, the stock offers an unfavorable risk-reward profile, warranting a Sell rating.
Bio-Rad Laboratories Inc. manufactures and distributes life science research products and clinical diagnostics systems globally. The company operates through two primary reporting segments: Clinical Diagnostics and Life Science. Clinical Diagnostics generates the majority of revenue ($1,562.1 million in FY2025, or 60.5% of sales), supplying quality controls, blood typing reagents, and diagnostic test systems to hospital networks and commercial clinical laboratories. Life Science generated $1,021.1 million in FY2025, delivering droplet digital PCR platforms, electrophoresis systems, and reagents to biopharma companies and academic research institutions.
Geographically, the business is well-diversified across mature and developing healthcare markets. In FY2025, the United States accounted for $1,022.7 million in revenue, Europe represented $881.8 million, Asia Pacific generated $513.3 million, and the other Americas regions contributed $165.4 million. In addition to its operating segments, Bio-Rad holds an equity stake in Sartorius AG, which creates substantial GAAP earnings volatility through non-operating valuation marks.
A severe macroeconomic stress test compounding the three kill scenarios models an extended freeze in biopharma capital expenditure where Life Science instrument revenue declines at double-digit rates through FY2027, operating restructuring savings are completely offset by freight and wage inflation holding EBIT margins near 8%, and the terminal valuation derates to medtech peer median multiples of 15.2x. Under this scenario, Bio-Rad's normalized cash generation would contract toward $200M annually, precipitating severe equity repricing.
In the bear case, biopharma spending austerity extends through FY2027 while centralized healthcare procurement in China forces further pricing concessions. Operational restructuring fails to deliver targeted savings, leaving operating margins compressed near cyclical trough levels. As growth stagnates, Bio-Rad's valuation premium collapses toward peer median multiples.
Life Science sales contracted in the high teens for instruments, with segment revenue guided down -3% to -1% and consolidated revenue guided -3% to +0.5%. A prolonged freeze in customer capex would drag consolidated 5-year revenue growth down by 5 percentage points.4
پنج تحولی که می‌تواند تز سرمایه‌گذاری ما را تضعیف کند.
Severe contraction in life science instrumentation indicating deeper customer capex freeze.
وضعیت فعلی:-3% to -1% FY2026 guidance
هشدار در صورتBelow -3.0%
Bio-Rad Laboratories possesses a narrow economic moat rooted in high customer switching costs within Clinical Diagnostics and proprietary intellectual property in Life Science instrumentation. The Clinical Diagnostics segment accounts for $1,562.1 million or 60.5% of FY2025 consolidated revenue. Hospital networks and commercial laboratories operate Bio-Rad quality control systems and blood typing platforms within strictly regulated clinical workflows. Replacing these systems incurs substantial retraining expenses, validation downtime, and regulatory re-certification hurdles, resulting in highly dependable recurring consumable revenue across Europe ($881.8 million) and the United States ($1,022.7 million).
In the Life Science segment ($1,021.1 million in FY2025 revenue), the company's competitive advantage is sustained by proprietary droplet digital PCR (ddPCR) technology reinforced by the acquisition of Stilla Technologies. The rapid migration of Bio-Rad's catalog of assays onto Stilla's continuous multiplexing platform strengthens its technological lead against competitors. However, the moat remains narrow rather than wide due to substantial exposure to cyclical capital expenditure cycles in biopharma, where instrument demand contracted in the high teens, and persistent price competition in public procurement tenders.
Normalized ROIC modestly exceeds the company's cost of capital (computed WACC of 9.68% and cost of equity of 9.48%), driven by high-margin diagnostic consumable pull-through offset by lower-margin instrument hardware.2
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
The highlighted cell is Fair value when every assumption sits at its base level ($164.82). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $161.8M after modeled reinvestment of $53.9M, with terminal value at 76.3% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
In the base case, Clinical Diagnostics quality controls and blood typing generate steady recurring cash flows, offsetting near-term instrument weakness in Life Science. Operating margins expand modestly in FY2027 and normalize through FY2030 as operating expense rationalization takes hold. Consolidated revenue growth inflects higher after FY2027. Intrinsic valuation yields a central Fair value of $164.82 per share.
Even if operating margins exceed the guided range and revenue accelerates beyond expectations, the share price of $362.43 trades at a substantial premium over Fair value of $164.82, leaving valuation heavily extended.
Results matching full-year guidance across operating margin and revenue growth validate our Fair value of $164.82 and confirm that the shares remain drastically overvalued relative to fundamental cash generation.
Operating margin compression below the guidance floor or revenue contraction beyond guided expectations indicates restructuring delays and biopharma stagnation, reinforcing the downside thesis well below Fair value of $164.82.
Bio-Rad's earnings quality requires careful scrutiny due to significant divergence between GAAP and non-GAAP metrics. In FY2025, reported GAAP net income of $759.9M ($27.85 diluted EPS) was heavily distorted by unrealized mark-to-market adjustments on its equity investment in Sartorius AG, while GAAP operating income was only $47.2M (1.83% EBIT margin) on $2,583.2M revenue. Operating cash flow of $532.2M and free cash flow of $374.6M reflect solid cash generation from core operations, but headline GAAP earnings do not represent underlying operating run-rates.5
Consensus estimates have stabilized following the Q2 2026 earnings release, with FY2026 EPS consensus holding flat at $9.45 and revenue consensus at $2,569.5M (-0.53% growth). FY2027 estimates project modest reacceleration to $9.92 EPS and $2,624.2M revenue (+2.13%).1
Determines whether biopharma and academic instrument purchasing is bottoming or facing multi-year contraction.
Cash flow characteristics reflect the strength of Bio-Rad's consumable installed base. In FY2025, operating cash flow reached $532.2M and capital expenditures were $157.6M, yielding free cash flow of $374.6M. For FY2026, management reaffirmed full-year free cash flow guidance between $290M and $340M, confirming reliable cash conversion despite near-term top-line headwinds.456
Capital allocation remains disciplined, prioritizing internal R&D, strategic technology acquisitions, and share repurchases over dividends. In FY2025, Bio-Rad repurchased $295.5M in shares, substantially outpacing of $58.0M. The acquisition of Stilla Technologies effectively deployed capital into margin-accretive digital PCR technology. Total debt stands at $1,370.4M, which remains manageable against annual .
Bio-Rad's historical return on invested capital experienced a cyclical trough in FY2025, driven by subdued GAAP operating income of $47.2M. As non-GAAP operating margins normalize to 10%-12% in FY2026 and approach mid-teens by 2030, ROIC is projected to recover modestly.
Operating ROIC is currently near parity with the company's computed WACC of 9.68%, indicating limited economic value creation during the current margin trough.
GAAP operating income in FY2025 was $47.2M (1.83% margin), whereas GAAP was $759.9M due to non-operating Sartorius AG valuation adjustments.
| درآمد | $۶۵۱٬۰۰۰٬۰۰۰ |
|---|---|
| بهای تمام‌شده درآمد | $۳۰۵٬۲۰۰٬۰۰۰ |
| سود ناخالص | $۳۴۵٬۸۰۰٬۰۰۰ |
| هزینه‌های عملیاتی | $۲۷۳٬۲۰۰٬۰۰۰ |
| سود عملیاتی | $۷۲٬۶۰۰٬۰۰۰ |
| اقلام غیرعملیاتی و مالیات | $۲۹۸٬۸۰۰٬۰۰۰ |
| سود خالص | $۳۷۱٬۴۰۰٬۰۰۰ |
| کل دارایی‌ها | $۱۰٬۵۷۶٬۵۰۰٬۰۰۰ |
|---|---|
| وجه نقد | $۵۲۹٬۸۰۰٬۰۰۰ |
| دارایی‌های جاری | $۲٬۹۰۶٬۲۰۰٬۰۰۰ |
| کل بدهی‌ها | $۳٬۱۲۲٬۹۰۰٬۰۰۰ |
| بدهی‌های جاری | $۵۱۷٬۰۰۰٬۰۰۰ |
| حقوق صاحبان سهام | $۷٬۴۵۳٬۶۰۰٬۰۰۰ |
| سود خالص | $۷۵۹٬۹۰۰٬۰۰۰ |
|---|---|
| ورودی نقد عملیاتی | $۹۸۳٬۳۰۰٬۰۰۰ |
| استهلاک و کاهش ارزش | $۱۶۵٬۴۰۰٬۰۰۰ |
| جبران خدمات مبتنی بر سهام | $۵۸٬۰۰۰٬۰۰۰ |
| جریان نقدی عملیاتی | $۵۳۲٬۲۰۰٬۰۰۰ |
| خروجی نقد عملیاتی | $۴۵۱٬۱۰۰٬۰۰۰ |
| نقد در دسترس | $۱٬۰۲۲٬۰۰۰٬۰۰۰ |
| نقد ابتدای دوره | $۴۸۹٬۸۰۰٬۰۰۰ |
| خروجی نقد سرمایه‌گذاری | $۱۸۹٬۷۰۰٬۰۰۰ |
| مخارج سرمایه‌ای | $۱۵۷٬۶۰۰٬۰۰۰ |
| سایر فعالیت‌های سرمایه‌گذاری | $۳۲٬۱۰۰٬۰۰۰ |
| خروجی نقد تأمین مالی | $۲۸۳٬۲۰۰٬۰۰۰ |
| اثر نرخ ارز | $۱۶٬۹۰۰٬۰۰۰ |
| نقد پایان دوره | $۵۳۲٬۲۰۰٬۰۰۰ |
| جریان نقد سرمایه‌گذاری | −$۱۸۹٬۷۰۰٬۰۰۰ |
| جریان نقد تأمین مالی | −$۲۸۳٬۲۰۰٬۰۰۰ |
منبع: SEC EDGAR · تاریخ ثبت 2026-02-13 · SEC EDGAR
| درآمد بر اساس بخش عملیاتی | درآمد | سهم | سال‌به‌سال |
|---|---|---|---|
| Clinical Diagnostics | $ ۱٫۶ میلیارد | ۶۰٫۵٪ | ۱٫۶٪ |
| Life Science | $ ۱ میلیارد | ۳۹٫۵٪ | −۰٫۷٪ |
منبع: SEC EDGAR · تاریخ ثبت 2026-02-13 · SEC EDGAR
| درآمد بر اساس منطقه | درآمد | سهم | سال‌به‌سال |
|---|---|---|---|
| United States | $ ۱ میلیارد | ۳۹٫۶٪ | −۱٫۸٪ |
| Europe | $ ۸۸۱٫۸ میلیون | ۳۴٫۱٪ | ۵٫۷٪ |
| Asia Pacific | $ ۵۱۳٫۳ میلیون | ۱۹٫۹٪ | −۱٫۶٪ |
| Americas | $ ۱۶۵٫۴ میلیون | ۶٫۴٪ | −۲٫۳٪ |
داده‌های مالی مقطعی استفاده‌شده در تحلیل 2026-10-14.
| دوره | درآمد | EBITDA | سود خالص | جریان نقدی عملیاتی | جریان نقدی آزاد | مخارج سرمایه‌ای | استهلاک و کاهش ارزش | جبران خدمات مبتنی بر سهام | بازخرید سهام | سود سهام پرداخت‌شده | خالص انتشار بدهی | جریان نقد سرمایه‌گذاری | جریان نقد تأمین مالی | نقد ابتدای دوره | نقد پایان دوره | وجه نقد و سرمایه‌گذاری‌ها | کل بدهی | حاشیه عملیاتی | ROIC | WACC | شکاف ROIC−WACC |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016-12-31 | $ ۲٫۱ میلیارد | $ ۲۰۶٫۴ میلیون | $ ۲۶ میلیون | $ ۲۱۶٫۱ میلیون | $ ۷۴٫۶ میلیون | $ ۱۴۱٫۴ میلیون | $ ۱۴۲٫۹ میلیون | $ ۱۹٫۷ میلیون | $۰ | — | — | −$ ۲۱۳٫۹ میلیون | $ ۹ میلیون | — | $ ۴۵۷٫۲ میلیون | $ ۸۳۹٫۴ میلیون | $ ۴۳۴٫۵ میلیون | ۲٫۷٪ | — | ۶٫۰٪ | — |
| 2017-12-31 | $ ۲٫۲ میلیارد | $ ۲۶۹٫۵ میلیون | $ ۱۲۲٫۲ میلیون | $ ۱۰۴٫۱ میلیون | −$ ۷٫۲ میلیون | $ ۱۱۱٫۳ میلیون | $ ۱۴۸٫۷ میلیون | $ ۲۳٫۴ میلیون | $ ۲٫۹ میلیون | $ ۴٫۴ میلیون | — | −$ ۱۷۵٫۶ میلیون | $ ۳۴۱ هزار | $ ۴۵۷٫۲ میلیون | $ ۳۸۵ میلیون | $ ۷۵۵ میلیون | $ ۴۳۵ میلیون | ۵٫۵٪ | — | ۵٫۹٪ | — |
| 2018-12-31 | $ ۲٫۳ میلیارد | $ ۶۷۴٫۷ میلیون | $ ۳۶۵٫۶ میلیون | $ ۲۸۵٫۵ میلیون | $ ۱۵۵٫۷ میلیون | $ ۱۲۹٫۸ میلیون | $ ۱۳۸٫۱ میلیون | $ ۲۷٫۸ میلیون | $ ۴۸٫۹ میلیون | — | — | −$ ۱۸۷ میلیون | −$ ۴۸٫۷ میلیون | $ ۳۸۵ میلیون | $ ۴۳۴٫۲ میلیون | $ ۸۴۴٫۸ میلیون | $ ۴۳۹٫۴ میلیون | −۴٫۵٪ | — | ۶٫۷٪ | — |
| 2019-12-31 | $ ۲٫۳ میلیارد | $ ۲٫۵ میلیارد | $ ۱٫۸ میلیارد | $ ۴۵۷٫۹ میلیون | $ ۳۵۹٫۴ میلیون | $ ۹۸٫۵ میلیون | $ ۱۳۴٫۲ میلیون | $ ۳۵٫۶ میلیون | $ ۲۸ میلیون | $ ۳٫۸ میلیارد | — | −$ ۲۰۸٫۹ میلیون | −$ ۲۲٫۸ میلیون | $ ۴۳۴٫۲ میلیون | $ ۶۶۲٫۷ میلیون | $ ۱٫۱ میلیارد | $ ۶۵۱٫۲ میلیون | ۹٫۹٪ | — | ۶٫۲٪ | — |
| 2020-12-31 | $ ۲٫۵ میلیارد | $ ۵٫۱ میلیارد | $ ۳٫۸ میلیارد | $ ۵۸۵ میلیون | $ ۴۷۶٫۴ میلیون | $ ۱۰۸٫۶ میلیون | $ ۱۳۸٫۶ میلیون | $ ۴۱٫۶ میلیون | $ ۱۰۰ میلیون | $ ۲۰٫۲ میلیون | — | −$ ۶۹٫۹ میلیون | −$ ۵۲۳ میلیون | $ ۶۶۲٫۷ میلیون | $ ۶۶۷٫۱ میلیون | $ ۹۹۱٫۱ میلیون | $ ۲۲۵٫۷ میلیون | ۱۶٫۶٪ | — | ۴٫۱٪ | — |
| 2021-12-31 | $ ۲٫۹ میلیارد | $ ۵٫۶ میلیارد | $ ۴٫۳ میلیارد | $ ۶۶۹٫۵ میلیون | $ ۵۳۵٫۷ میلیون | $ ۱۳۳٫۷ میلیون | $ ۱۳۷٫۶ میلیون | $ ۵۱٫۲ میلیون | $ ۵۰ میلیون | $ ۳۵٫۳ میلیارد | — | −$ ۷۹۷٫۴ میلیون | −$ ۵۵٫۴ میلیون | $ ۶۶۷٫۱ میلیون | $ ۴۷۱٫۱ میلیون | $ ۸۶۹٫۹ میلیون | $ ۲۲۳٫۴ میلیون | ۱۷٫۱٪ | — | ۴٫۸٪ | — |
| 2022-12-31 | $ ۲٫۸ میلیارد | −$ ۴٫۵ میلیارد | −$ ۳٫۶ میلیارد | $ ۱۹۴٫۴ میلیون | $ ۸۱٫۶ میلیون | $ ۱۱۲٫۸ میلیون | $ ۱۳۷٫۳ میلیون | $ ۶۰٫۹ میلیون | $ ۲۱۵٫۷ میلیون | $ ۶۸٫۲ میلیارد | $ ۱٫۲ میلیارد | −$ ۱٫۲ میلیارد | $ ۹۷۳٫۶ میلیون | $ ۴۷۱٫۱ میلیون | $ ۴۳۴٫۵ میلیون | $ ۱٫۸ میلیارد | $ ۱٫۴ میلیارد | ۱۷٫۲٪ | — | ۷٫۲٪ | — |
| 2023-12-31 | $ ۲٫۷ میلیارد | −$ ۶۵۴٫۸ میلیون | −$ ۶۳۷٫۳ میلیون | $ ۳۷۴٫۹ میلیون | $ ۲۱۸٫۲ میلیون | $ ۱۵۶٫۷ میلیون | $ ۱۴۵٫۹ میلیون | $ ۶۱٫۳ میلیون | $ ۴۲۸٫۷ میلیون | $ ۱۰۰٫۱ میلیارد | −$ ۵۰۰ هزار | $ ۲۰٫۲ میلیون | −$ ۴۲۵٫۶ میلیون | $ ۴۳۴٫۵ میلیون | $ ۴۰۴٫۴ میلیون | $ ۱٫۶ میلیارد | $ ۱٫۲ میلیارد | ۱۲٫۶٪ | — | ۶٫۸٪ | — |
| 2024-12-31 | $ ۲٫۶ میلیارد | −$ ۲٫۱ میلیارد | −$ ۱٫۸ میلیارد | $ ۴۵۵٫۲ میلیون | $ ۲۸۹٫۶ میلیون | $ ۱۶۵٫۶ میلیون | $ ۱۵۱٫۶ میلیون | $ ۶۲٫۳ میلیون | $ ۲۰۳٫۶ میلیون | — | −$ ۴۰۰ هزار | −$ ۱۶۰٫۲ میلیون | −$ ۲۱۸٫۸ میلیون | $ ۴۰۴٫۴ میلیون | $ ۴۸۹٫۸ میلیون | $ ۱٫۷ میلیارد | $ ۱٫۲ میلیارد | ۱۰٫۵٪ | — | ۷٫۴٪ | — |
| 2025-12-31 | $ ۲٫۶ میلیارد | $ ۱٫۲ میلیارد | $ ۷۵۹٫۹ میلیون | $ ۵۳۲٫۲ میلیون | $ ۳۷۴٫۶ میلیون | $ ۱۵۷٫۶ میلیون | $ ۱۶۵٫۴ میلیون | $ ۵۸ میلیون | $ ۲۹۵٫۵ میلیون | — | −$ ۵۰۰ هزار | −$ ۱۸۹٫۷ میلیون | −$ ۲۸۳٫۲ میلیون | $ ۴۸۹٫۸ میلیون | $ ۵۳۲٫۲ میلیون | $ ۱٫۵ میلیارد | $ ۱٫۲ میلیارد | ۱٫۸٪ | — | ۸٫۸٪ | — |
Bio-Rad Laboratories Inc. (BIO) trades at 41.3x forward earnings against a peer median of 15.2x. Its EV/EBITDA of 21.5x compares with a peer median of 12.5x. The comparison uses 4 peers: Zimmer Biomet Holdings Inc., STERIS plc, GE HealthCare Technologies Inc. and DexCom Inc., as of 2026-10-14.
Healthcare equipment industry capex-to-depreciation sits at 0.8x while capex-to-revenue is 4.5%, pointing to restrained capital reinvestment and below-replacement asset cycles across the broader peer group.
A robust recovery characterized by rebounding venture capital investment into early-stage biotech, expanded NIH academic research funding, and accelerating replacement demand for analytical instrumentation.
A protracted downturn marked by prolonged biopharma research austerity, extended customer capex freezes, and intensifying tender price erosion in international markets.
Bio-Rad's portfolio exhibits dual positioning across the industry cycle. Its Clinical Diagnostics business (60.5% of FY2025 revenue) is late-cycle and non-discretionary, generating steady consumable revenue. Conversely, its Life Science business (39.5% of revenue) is highly early-to-mid-cycle and directly exposed to biopharma capital freezes, which drove high-teens declines in instrument sales.47
Conviction in the Sell rating is high given the dramatic 119.89% premium of the share price ($362.43 as of October 14, 2026) over intrinsic fair value ($164.82), backed by multiple independent valuation methodologies.
Investors holding long positions should execute an immediate, disciplined liquidation. If managing a tactical short position, risk should be capped with a strict stop-loss at $385.00 (approximately 6.2% above the share price of $362.43 as of October 14, 2026) to guard against irrational momentum or unexpected biopharma stimulus announcements.
Sluggish life science research funding and soft instrument demand restrict near-term organic growth, while cost restructuring yields only 40-50 bps of operating margin expansion in FY2027.4
Trading at 41.32x forward earnings versus a peer median of 15.2x creates an extreme valuation vulnerability, leaving fair value at $164.82 (-54.52% implied return).3
Downside risks heavily dominate as multiple derating toward historical and peer medians would trigger severe equity contraction.
Bio-Rad Laboratories is rated Sell based on a fair value of $164.82 per share, indicating a -54.52% implied return from the prevailing price of $362.43. The stock trades at an extreme 119.89% premium to fair value.3
While the Clinical Diagnostics franchise ($1,562.1M revenue in FY2025) remains fundamentally sound with recurring quality control demand, current trading levels at 41.32x forward P/E drastically detach from medtech peer valuations (median 15.2x) and guided 10%-12% operating margins.
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The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Operating margin is currently guided to 10%-12% in FY2026 while historical GAAP EBIT was only 1.83% ($47.2M EBIT on $2,583.2M revenue),. Management cited ongoing freight and logistics headwinds and facility restructuring execution delays. A 300 bps operating margin compression would drop operating margin below 8%.46
The house forward earnings model applies a 20.0x terminal P/E, representing an elevated premium over peer median forward P/E of 15.2x (ZBH 10.1x, GEHC 12.7x, STE 17.7x). If recurring consumable quality controls fail to command a premium due to tender pricing and sluggish Life Science growth, a 20% multiple compression would drop the exit multiple to 16.0x.
Restructuring execution delays or persistent freight inflation eroding operating profitability.
وضعیت فعلی:10% to 12% FY2026 guidance
هشدار در صورتBelow 10.0%
Volume-based procurement price erosion or tender loss in China outpacing local production benefits.
وضعیت فعلی:$513.3M in FY2025 (19.9% of sales)
هشدار در صورتContraction exceeding 10% y/y
Working capital absorption or operating profit shortfall impairing balance sheet cash conversion.
وضعیت فعلی:$290M to $340M FY2026 guidance
هشدار در صورتBelow $290M
Hospital testing volume contraction or order timing delays impairing core recurring consumable demand.
وضعیت فعلی:-3% to +1% FY2026 guidance
هشدار در صورتBelow -3.0%
| Prolonged biopharma funding constraints depressing academic and early-stage biotech instrument purchasing. | high | 6-24 months | Expanding high-margin digital PCR assay catalogs and focusing capital allocation on margin-accretive consumables.4 |
Under the moderate discount rate, $۳۵٫۱۳ comes from forecast-period earnings and $۱۲۷ from the long-term value, totaling $۱۶۳.
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and terminal value at WACC, then adjust for signed net debt per current share.
Discounted forecast-period cash flows ($۲۹٫۲۶) plus discounted terminal value ($۹۴٫۳۳) minus signed per current share (−$۱۵٫۵۶) equals the $۱۳۹ lens value shown above. Negative net debt is , so subtracting it raises value.
Solve for the growth rate that makes the model value equal the report-date share price.
Project revenue, apply a terminal EV/revenue multiple, discount enterprise value, subtract net debt, and divide by diluted shares.
In the bull case, biopharma research funding experiences a rapid recovery in FY2027, unlocking pent-up demand for Life Science instruments. Catalog assay migration onto Stilla ddPCR platforms drives strong consumable growth, while facility restructuring delivers faster-than-expected margin leverage. Operating margins expand beyond guidance toward upper-teen levels, supporting strong earnings growth.
Validates the execution of OpEx rationalization and absorption of freight cost inflation.
Drives technological differentiation and premium gross margins in genomics analytical tools.
Underpins capital return capacity and disciplined share repurchases ($295.5M in FY2025).6
| $2.73B |
| $2.85B |
| $2.98B |
| Revenue growth | -0.5% | 2.1% | 4.0% | 4.5% | 4.5% |
| Operating margin | 11.0% | 11.5% | 12.5% | 13.5% | 14.5% |
| Operating income | $282.65M | $301.79M | $341.15M | $385.02M | $432.15M |
| Tax rate | 23.7% | 23.7% | 23.7% | 23.7% | 23.7% |
| NOPAT | $215.74M | $230.35M | $260.40M | $293.89M | $329.86M |
| Reinvestment | $53.94M | $55.29M | $57.29M | $58.78M | $65.97M |
| Reinvestment rate (of NOPAT) | 25.0% | 24.0% | 22.0% | 20.0% | 20.0% |
| Free cash flow to firm | $161.81M | $175.07M | $203.11M | $235.11M | $263.89M |
| Clinical Diagnostics revenue | $1.55B | $1.59B | $1.65B | $1.72B | $1.80B |
| Life Science revenue | $1.02B | $1.04B | $1.08B | $1.13B | $1.18B |
| Terminal growth | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% |
Clinical Diagnostics generated $1,562.1M in FY2025 revenue (60.5% of total) and gross margins are guided to 53%-54% in FY2026.
Provides downside cash flow support and protects gross profitability even while instrumentation demand lags.
Management guides non-GAAP operating margin to 10%-12% in FY2026 and approximately 40 to 50 bps expansion in FY2027.
Operating leverage will take multiple years to reach mid-teens targets, making current trading multiples unsustainable.
| حاشیه سود |
|---|
| BIO | Bio-Rad Laboratories Inc. | $9.7B | 41.3x | 3.7x | 21.5x | 3.1% | — |
| ZBH | Zimmer Biomet Holdings Inc. | $17.5B | 10.1x | 2.1x | 9.8x | 6.4% | 18.0% |
| STE | STERIS plc | $21.2B | 17.7x | 3.5x | 13.9x | 11.4% | 19.2% |
| GEHC | GE HealthCare Technologies Inc. | $31.1B | 12.7x | 1.5x | 11.1x | 19.4% | 15.0% |
| DXCM | DexCom Inc. | $32.1B | 27.2x | 6.5x | 22.5x | 38.5% | 24.3% |
| Falls below 10.0% in FY2026 |
| Lower terminal operating margin assumption to 12.0% and reduce forward earnings targets. |
| Asia Pacific revenue growth | Contracts by more than 10.0% year-over-year | Increase country risk premium and discount cash flows from Asia Pacific. |
| Full-year free cash flow | Drops below $290M in FY2026 | Demote cash conversion rating and lower DCF terminal cash flow run-rate. |
| Clinical Diagnostics currency-neutral growth | Falls below -3.0% in FY2026 | Trigger full fundamental review of diagnostic franchise moat durability. |
